Realty Income — Nov 4, 2024 release

- 5 - Earnings Guidance Summarized below are approximate estimates of the key components of our 2024 earnings guidance. Prior 2024 Guidance (1) Revised 2024 Guidance Net income per share (2) $1.21 - $1.30 $1.15 - $1.20 Real estate depreciation and impairments per share $2.92 $2.96 Other adjustments per share (3) $0.06 $0.05 Normalized FFO per share (2)(4) $4.19 - $4.28 $4.16 - $4.21 AFFO per share (4) $4.15 - $4.21 $4.17 - $4.21 Same store rent growth (5) Approx 1.0% Approx 1.0% Occupancy Over 98% Over 98% Cash G&A expenses (% of revenues) (6)(7) Approx 3.0% Approx 3.0% Property expenses (non-reimbursable) (% of revenues) (6) 1.0% - 1.5% 1.2% - 1.5% Income tax expenses $65 - $75 million $65 - $75 million Investment volume (8) Approx $3.0 billion Approx $3.5 billion Disposition volume $400 - $500 million $550 - $600 million (1) As issued on August 5, 2024. (2) Net income per share and Normalized FFO per share include non-cash interest expense impact related to the Spirit merger. (3) Includes gain on sales of properties and merger, transaction, and other costs. (4) Normalized FFO per share and AFFO per share exclude merger, transaction, and other costs. Per share amounts may not add due to rounding. (5) Consistent with prior quarters, the full year Same Store Pool does not include the Spirit portfolio. Reserve reversals recognized in 2023 represent an approximately 30 basis point headwind to same store rent growth in 2024. (6) Revenue excludes contractually o